Great discussion @BobDean & @Baltasar. I have to eat humble pie...

Great discussion @BobDean & @Baltasar. I have to eat humble pie and acknowledge that over my long journey with PTM, i have in the last 5 years, under appreciated the company's foibles (or over rated its enduring virtues?). @Portfolio, you have earned the right to gloat.

That said, I come back to what I think is critical in contrarian value investing (& is there any other kind of value investing?), and that is that one should not get fixated on whether a business is "good" or "bad", but rather whether it has prospective intrinsic value that is currently worth paying for. Remembering that human psychology drives the "good" vs "bad" categorization most, when prices are moving in a matching direction.

And finally, that one should not forget, as I have stressed previously, that a business may be a good prospective bet at current prices, but still have a real chance of disappointing further (position size).